One of, if the not the best known company in Asia, made one of its infrequent visits to the international bond markets on Friday with a $100 million FRN via Citigroup and HSBC.
The A3A- sovereign rated credit priced a three-year deal at par with a coupon of 30bp over Libor. Only four investors participated in the trade, which was built around reverse enquiry demand. One of the investors is believed to have been HSBC itself.
Timing of the deal was good despite the fact that the stock price has not performed well over the last two quarters and the industry has entered a cyclical...
